By Hamilton Nwosa (The New Diplomat’s Head, Polls & Data Tracking Desk)
A 34 per cent surge in its asset base in 2020, has lifted Zenith Bank Plc’s value from N6.347 trillion to N8.481 trillion in one year, its audited financial statements showed on Tuesday. This makes it Nigeria’s biggest bank by asset.
However, Zenith Bank could lose that position to its rival, Access Bank, when the latter’s own financial statements are issued any moment from now.
Access Bank executed no fewer than four major expansion deals on the continent last year, including acquisitions in Kenya, Zambia, Cameroun and Mozambique, which should catapult its asset estimate well beyond the N7.925 trillion reported in September 2020, and has lined up more of such transactions in eight other countries across Africa.